The Income Tax department has enabled the facility to file the income tax returns by companies in Form ITR-7 in e-portal. The department, in a statement has informed that the ITR-6 will be available in the website shortly.
ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
No document (including TDS certificate) should be attached with this return form while filing ITR-7.
Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.
If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head “Audit Information.”
The last date for filing ITR-5 is 31st July. If you file post 31 July but before December of this year (i.e. 2019), a penalty of Rs 5000 will be levied. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form. The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business.
If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.
The department had earlier enabled ITR-1 which is largely used the salaried class of taxpayers with income up to Rs 50 lakh from salary, one house property only and additional income such as interest earned from fixed deposits, recurring deposits among others.
